The owner of Mall of the Mainland in Texas City says it will close most of the shopping center by early next year.

The closure does not affect Sears, which owns its own store. Sears, Palais Royal and Cinemark will remain open following the closure of the interior of the mall.

The mall owner, Coastline Retail Center, Inc., says it will close the interior common areas of the mall to public access beginning Feb. 1, 2014.

Coastline says the closure is an effort to reduce its holding costs and is perhaps the first step in a future owner's redevelopment plans.

The mall is currently in contract negotiations with an unspecified investor, according to Coastline.